Customers change banks on the quiet, spurred by digital trend
BANKS, your customers are quietly leaving you.
When Bain & Company surveyed 83,000 customers in 22 countries recently, it found that more than one-third of them bought a banking product from their primary bank's competitors during the past year. The rate of defection reached an average of 28 per cent in developed countries. In Singapore, 48 per cent of customers went to a different bank to obtain a credit card, buy insurance, or apply for a car loan or another financial product.
If that many bank customers were closing their current accounts each year - completely defecting - bankers would b…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Columns
An overstimulated US economy is asking for trouble
Too many property agents? Cap commissions on home sales
Time to study broadening of private market access
China’s better economic growth hides reasons to worry
In AI-copyright battle, an existential crisis emerges
Europe shows diversifying from China’s economy is hard to do